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Credit Suisse to sell 12.75% reverse convertibles linked to Allegheny Technologies
New York, May 4 - Credit Suisse (USA), Inc. plans to sell an offering of 12.75% reverse convertible securities due May 25, 2007 linked to Allegheny Technologies, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The payout at maturity will be par unless Allegheny Technologies stock falls below the knock-in level of 70% of its initial price during the life of the notes.
If the trigger is hit, payout will be par in cash if Allegheny Technologies' stock closes above its initial price on the valuation date of May 21, 2007. Otherwise, the payout will be a number of Allegheny Technologies shares equal to par of $1,000 divided by the initial price.
Credit Suisse will be the underwriter of the issue.
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